Eurozone exits recession

The eurozone climbed out of recession at last with better-than-expected growth of 0.3% in the second quarter led by Germany and France, the European Union said on Wednesday, August 14. Data agency Eurostat said the 18-month downturn, which has cost millions of jobs and crushed debt-laden governments, ended thanks largely to surprise gains of 0.7% in Germany and 0.5% in France. Analysts had tipped a 0.2% increase for the 17-nation bloc, home to some 340 million people who have struggled through 6 consecutive quarters of falling output.

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